Forward Industries, recognized as the largest treasury holder of Solana (SOL), has officially announced its inclusion in both the Russell 2000 and 3000 indexes, effective June 29th. This development underscores the growing institutional recognition of Forward’s strategic pivot toward digital asset treasuries.
In a recent press release, Forward Industries elaborated on its journey from a traditional design and manufacturing firm to a pioneering player in the digital asset space. Last year, the company embraced a digital-asset treasury (DAT) model centered around Solana, gaining significant backing from notable industry players including Galaxy Digital, Multicoin Capital, and Jump Crypto. This strategic transition has positioned Forward Industries as the largest corporate holder of SOL, with a treasury consisting of 7,013,536 tokens.
However, this substantial investment of over $1.5 billion has not come without challenges. As of March 2026, the value of Forward’s Solana reserves has diminished to approximately $586.4 million, indicating a significant unrealized loss amidst a bearish trend in the cryptocurrency market.
The company’s inclusion in the Russell 3000, encompassing the 3,000 largest U.S. stocks as of April 30th, automatically grants it membership in the Russell 2000, which reflects small-cap assets. Ryan Navi, Chief Investment Officer of Forward Industries, remarked that this inclusion signifies an important milestone for the firm, validating its strategy and operational execution.
As the digital asset landscape has faced challenges since Q4 2025, Forward’s SOL holdings have seen a decline of over 65% since the firm began accumulating tokens in September 2025. In response to these market fluctuations, Forward has notably slowed its accumulation of Solana, opting not to sell off any of its holdings.
Navi expressed confidence in the company’s disciplined approach to managing its Solana treasury, stating, “As we continue executing our disciplined Solana treasury strategy and compounding SOL-per-share, we believe Forward is well-positioned to establish itself as a leading institutional platform for digital asset exposure.”
Forward Industries is not alone in this venture; it shares the spotlight with Sharplink, another firm included in the Russell indexes during this latest reconstitution. As the second-largest Ethereum treasury holder globally, Sharplink boasts a total of 874,351 ETH, valued at approximately $1.81 billion. However, like Forward, Sharplink is also grappling with substantial losses, amounting to over $1.2 billion on its treasury reserves.
Joseph Chalom, CEO of Sharplink, emphasized the significance of their inclusion in the Russell 2000 and Russell 3000, viewing it as a validation of their institutional-grade ETH treasury strategy, which is expected to broaden their shareholder base and enhance access to capital markets.
Current Market Status
As of now, Solana is trading at around $84, reflecting a 2% decline over the past 24 hours. The current market conditions continue to pose challenges for digital asset holders, yet the inclusion of firms like Forward Industries and Sharplink in major indices may signal a strengthening of institutional interest in the crypto space.
